NEW YORK (AP) -- Container maker Graham Packaging Company Inc. is being purchased by New Zealand's Reynolds Group Holdings Ltd. for about $1.68 billion, after rival bidder Silgan Holdings Inc. failed to come up with a better offer.
Graham, based in York, Pennsylvania, had told Silgan on Monday that it planned to accept Reynolds' bid of $25.50 a share, saying that it was superior to Silgan's offer.
Stamford, Connecticut-based Silgan had until the end of Thursday to make a better offer. In April, Silgan had offered a cash-and-stock deal that was worth $19.56 per share at the time.
Graham said Friday it had signed a definitive buyout agreement with Reynolds. Silgan is entitled to receive a $39.5 million breakup fee, however.
Graham says the deal with Reynolds is valued at $4.5 billion, including debt.
